You have to doubt the term, "sophisticated investor". Jerry...

You have to doubt the term, "sophisticated investor". Jerry Lewis used to say, "There's a sucker born every day." The older you get, the more you realise the world is not snow white as stakeholders play out their different agendas.

At the moment, if we run with FA, then timing is critical when you see the games being played. There is underlying demand IMO given the resource and international price because people are on the other side of the trade. The TA becomes less reliable as an indicator of future performance at the local level if the market signals are being distorted. Its not about the market being the judge but who is exercising market power in a small market.

This project probably has a three year time frame to full production. Plenty of time for unpleasant activities such as capping to gain an advantage in a viable long term project IMO. Perhaps the stage is being set to create angry ants on more than one front, e.g. with the "sophs" and loyal shareholders with a goal of share spillage. This scenario in a viable project is an accumulators dream.

The downside risk if bleeding is heavy, then the company can be swallowed more easily by a predator with little gain, if any for retail investors who are merely lubricating the flow of wealth. Its pretty important to look at volume spread analysis to get a feel for likely outcomes.

At the moment a bit of testing and a sign of strength coming in if you feel the volumes are being capped. The upside for the stock is more shares have been freed for new holders to build core positions and trade when the time comes, which it will, to reduce costs of the core holding for stellar long term gains.